Farmers and Merchants State Bank of Bushnell Announces Director Retirements
By - Douglas B. Allaman, Chairman/CEO Farmers and Merchants State Bank of Bushnell
Long-time directors, Cynthia Rauschert and Michael Steelman have retired from the Boards of Farmers & Merchants State Bank of Bushnell and Prairieland Bancorp, Inc.
Cynthia Rauschert joined the PBI and F&M Boards of Directors in 1995. Having majored in Economics at DePauw University, and receiving an MBA from Western Illinois University, Cynthia worked for seven years as a computer training specialist in the Academic Computing Department at WIU, and then as an independent consultant for the WIU Center for Economic Development while owning and operating an employment agency in Bushnell. Cynthia and her husband raised their family in Bushnell, where she attended many extra-curricular events, and volunteered for various school and civic organizations. She also completed Emergency Medical Technician Training at Carl Sandburg College and served for 10 years as a volunteer EMT for the Bushnell Rescue Squad, literally keeping her finger on the pulse of the community. As a business-minded community member, she provided a unique perspective to our Boards, and we deeply appreciate her many years of service.
Cynthia Rauschert
Mike Steelman began his career at the bank in 1984, serving as Trust Officer and Legal Counsel, and joined the Board of Directors in 1990. He became President and later CEO in 1996, and was named Chairman of the Board in 2001. After over 20 years in that role, he semi-retired in 2022, and moved into the role of Senior Counsel and Chair Emeritus. Though he fully retired from the Bank in 2023, he continued to advise both Boards until April 2025. Mike’s nearly 40 years in banking were defined by his exemplary commitment to the betterment of the banking industry, always staying abreast of financial industry trends, and up-to-date on compliance, news, and regulations. Mike was active in many banking organizations, committees, and advisory boards, consulting and lobbying on behalf of small community banks. He served as director of the Federal Home Loan Bank of Chicago from 2011 to 2022, including Chairman in 2018-2019, as Chairman of the Illinois Bankers Association in 2008-2009, and was appointed to the American Bankers Association Membership Council. He was named 2013 Illinois Banker of the Year by the Illinois Bankers Association, the highest honor the IBA can bestow upon its members. The Bank was fortunate to have such an illustrious and unwavering player on our team.
Mike Steelman
Doug Allaman, current Chair and CEO, stated, “We cannot adequately express our immense gratitude to both Cynthia and Mike, who served on the Boards of Prairieland Bancorp, Inc. and Farmers & Merchants State Bank of Bushnell for a remarkable 30 and 35 years, respectively. Each brought indelible leadership, insight, and stability to our company for many years, and each departs with our profound respect and sincere admiration.”